India commenced the second phase of its critical minerals auction, estimated at a staggering 30 trillion rupees (approximately $362 billion), announced by the country’s mines minister, Pralhad Joshi, on Thursday.
The auction will encompass a total of 18 critical mineral blocks, featuring resources such as tungsten, vanadium, cobalt, and nickel, spread across eight states including Chhattisgarh, Madhya Pradesh, Karnataka, Maharashtra, and Rajasthan, as outlined in a government statement.
Of the 18 mineral blocks, seventeen are designated for a composite license, while one block is allocated for a mining lease. A composite license entails authorization to explore a block and subsequently undertake mining activities.
Joshi highlighted that five states – Maharashtra, Madhya Pradesh, Haryana, Chhattisgarh, and Rajasthan – will conduct auctions for exploration licenses specifically targeting critical minerals.
In the initial round of the first segment of auctions launched in November last year, the government garnered 56 bids from various entities including Vedanta Ltd, Coal India, Shree Cement, Ola Electric, Dalmia group, and Jindal Power.
The forthcoming second round of bidding for the first tranche of auctions is scheduled for mid-March, with the bid winner set to be announced in mid-April.
Additionally, Joshi reassured that there will be no coal shortage in the country this year. This statement follows Coal India’s recent adjustment of its annual production target for the financial year 2025 due to sufficient stockpiles.